Profit from the Pullback? 20 Stocks to Watch

The S&P 500 and Dow briefly entered correction mode during Thursday's trading session, defined by a drop of 10 percent or more from their 2011 highs.

The NASDAQ was also within 1.5 percent of reaching this mark as of midday trading. Other indices such as the Russell 2,000 and S&P Midcap 400, are currently down 13 percent and 12.6 percent, respectively, from their close on April 29.

Could investors benefit from the recent pullback?

Key technical levels and moving averages used to determine trends and smooth out price fluctuations may serve to define support and resistance numbers.

Indeed, investors trading off these metrics tend to look for certain unusual patterns that may develop, taking advantage of any extreme price movements.

Consider the S&P 500, for example, which is down 5.6 percent from its 50-day moving average, trading at its lowest level since December 2010.

In comparison, some stocks seem to have significantly deviated from their trading ranges, perhaps creating some value opportunities.

CNBC.com ran a screen of the S&P 500 looking for stocks with dividend yields greater than 2.5 percent, positive EPS and Revenue figures in the last two consecutive quarters, and are trading the farthest below their 50-day moving averages.

Among the results, Interpublic Group of Companies is at the top of the list, down about 24 percent from its 50-day moving average.

Note that while a bearish trend may not necessarily mean a stock is undervalued, it could certainly serve as a point of reference when investors may start searching for opportunities.

Here is a look at 20 stocks in the S&P 500 trading farthest below their 50-day moving averages.